About Pip My System

Dude! So you've read just about everything you could possibly get your hands on about the Forex. Now you want to get your feet wet but aren't sure where to start. Well then this blog is for you! Follow along as I take a simple forex trading system and apply it to an unsimple market. If you're new to the blog you should read this first.

Cowabunga System Daily Update: Thursday, 01/17/08

Main Trend

Current Trend= The trend remained up the entire day.

Today I only looked for long trades.

Today’s Surf

12:00am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.9634 with a stop at the most recent swing low at 1.9604. Since I was 16 pips away from the nearest 50 or 00 level, I decided to set my initial target at 1.9650.

Entry: Long at 1.9634

Stop: 1.9604

Initial Target: 1.9650

3:15am EDT- I came real close to getting stopped out. My feed said I got down to 9605 (1 pip away from my loss).

3:30am EDT- My first target was hit. Price made a clean break so I moved my stop to 1.9650 and set my next target for 1.9700.

4:15am EDT- My 2nd target was hit. Price made a clean break so I moved my stop to 1.9700 and set my next target for 1.9750.

4:30am EDT- Unfortunately I was stopped out at 1.9700.

7:45am EDT- There was a valid signal here but I chose not to take it because it was US Housing Starts and Building Permits were about to be released at 8:30am EDT.

A question on your clean break policy. To determine a clean break you have to wait for the candle to close..correct? If there is not a clean break your exit price would be the opening of the next candle. Am i correct in this assumption?

stcary

Thankyou for your comments on the 16th yes it did help.
If i may ask another question , why when entry pattens has been formed,you wait for that candle to close before you enter?, I have noticed, that sometimes alot of pips can be lost while waiting for the next candle.
Thankyou.

jsd1004

A question on your clean break policy. To determine a clean break you have to wait for the candle to close..correct? If there is not a clean break your exit price would be the opening of the next candle. Am i correct in this assumption?

stcary

Thankyou for your comments on the 16th yes it did help.
If i may ask another question , why when entry pattens has been formed,you wait for that candle to close before you enter?, I have noticed, that sometimes alot of pips can be lost while waiting for the next candle.
Thankyou.

mondavie

May I know in what GMT time your XThick charting software based on, so I will see the same H4 chart bar. Thanks

ajs071

Hi, My datafeed stopped me out at 03:15 AM at stop of 1.9605. This is the candle you comment “Came close to being stopped out”.

This was the exact value of the stop according to my datafeed and taken from exactly the same “most recent swing low at 1.9604 (your feed)” (my feed low 1.9605). So I stopped out with a loss but you earned 66 pips?!

Can you or someone direct me to a better datafeed?

Nice system and thanks for sharing.

mondavie

May I know in what GMT time your XThick charting software based on, so I will see the same H4 chart bar. Thanks

ajs071

Hi, My datafeed stopped me out at 03:15 AM at stop of 1.9605. This is the candle you comment “Came close to being stopped out”.

This was the exact value of the stop according to my datafeed and taken from exactly the same “most recent swing low at 1.9604 (your feed)” (my feed low 1.9605). So I stopped out with a loss but you earned 66 pips?!